October 2025 News Roundup
- Avi Krawitz
- 4 days ago
- 12 min read
Updated: 2 days ago
Thieves broke into the Louvre early Sunday, October 19, stealing several royal jewels from the museum’s famed Galerie d’Apollon (pictured, right), which houses France’s Crown Jewels. The stolen pieces include gems once belonging to Queens Marie-Amélie and Hortense and Empresses Marie-Louise and Eugénie. Police have recovered part of the loot and launched an investigation after the burglars fled, abandoning a burned-out getaway vehicle near the scene, France's Ministry of Culture said. They subsequently arrested several suspects over the theft, though the pieces remain missing.
De Beers Sale
Anglo American CEO Duncan Wanblad said the Government of Botswana will join the next phase of talks with one or two shortlisted bidders for De Beers, as Anglo aims to finalize the sale of its 85% stake within six months, Mining MX reported. Wanblad said the process will differ from a typical sale, with Botswana taking a central role given its 15% stake and push for control. Wanblad also left open the option of a De Beers spin-off amid Angola’s rival interest and a weak diamond market.
Angola’s state-owned mining company Endiama has submitted a bid for Anglo American’s entire De Beers stake, Bloomberg reported. The move sets the stage for an intriguing contest between governments that see De Beers as a potential strategic national asset and corporates that view it as an investment opportunity. Anglo is aiming to complete the sale within the next six months.
Marketing Moves
The Antwerp World Diamond Centre (AWDC) urged all Luanda Accord signatories to immediately release pledged funds and launch the long-awaited global campaign promoting natural diamonds. Four months after the industry’s historic agreement in Angola, implementation has stalled even as the critical holiday season approaches, AWDC leaders Isidore Mörsel and Ravi Bhansali said in an open letter to the industry. The pair warned that inaction risks losing both sales and livelihoods across diamond-producing nations and the broader trade.
De Beers has launched Desert Diamonds to consumers, its first new “beacon” in over a decade, backed by its largest marketing investment in more than ten years, the company said. Inspired by desert landscapes, the concept celebrates natural diamonds in warm white to amber hues, reflecting individuality and authenticity. Retailers, including Jared and Kay Jewelers – subsidiaries of Signet Jewelers – will feature Desert Diamonds collections, supported by a global campaign across TV, digital, and social channels.
Tariff Debate
The Gem & Jewellery Export Promotion Council (GJEPC) held an open meeting at Bharat Diamond Bourse to address US’s 50% reciprocal tariffs hitting India’s gem and jewelry trade. The council reported a 51% drop in polished diamond exports to the US between April and August 2025. Discussions focused on reclassifying diamonds as raw materials and pursuing legal and diplomatic remedies to ease the impact, the GJEPC said.
Botswana is close to securing a zero-tariff deal for its exports to the US, President Duma Boko told the BBC. The country currently faces a 15% duty on shipments, which has constrained its diamond trade in the world’s largest market for diamond jewelry. Boko said Botswana also plans to diversify into copper, nickel, and cobalt, emphasizing that mineral processing should take place within Botswana and across Africa to boost local value creation.
Insights & Outlooks
Helzberg’s 2025 Engagement & Ring Shopping Survey shows 83% of couples prefer a private proposal and that most collaborate on the ring. Gen Z stands out for valuing sustainability, customization, and social media research, with nearly 80% using platforms like TikTok and Instagram for inspiration. Despite the digital focus, 83% still want the option to buy in-store, underscoring that jeweler expertise remains key in the final decision.
Consumers plan to spend an average of $890.49 this holiday season, about $12 less than last year, according to the National Retail Federation. Gift cards top wish lists at 50%, followed by clothing or accessories (46%), books or other media (27%), personal care or beauty items (23%), and electronics (22%), the NRF’s annual survey found.
Adobe expects US online holiday sales to reach a record $253.4 billion this year, up 5.3% from 2024, with ten days surpassing $5 billion in daily spending. ‘Buy Now Pay Later’ purchases are projected to add $2 billion in extra sales. Electronics, apparel, and furniture will drive more than half of total spending, and mobile devices will account for a record 56% of online purchases. Generative AI tools and social media are set to play a major role in how shoppers research products and find deals, including in jewelry.
Retail Performance
US retail sales excluding autos and gas rose 5.4% year on year in September, according to CNBC/NRF Retail Monitor. Monthly sales dipped slightly from August after strong summer spending, as consumers pulled back ahead of the holidays. NRF President Matthew Shay said the results point to steady momentum despite ongoing economic uncertainty.
LVMH’s jewelry and watch sales fell 3% year on year to EUR 2.32 billion ($2.71 billion) in the third quarter, though the division recorded 2% organic growth on a like-for-like basis. The improvement was led by Tiffany & Co., boosted by its expanding Landmark store concept and the debut of the new Bird on a Rock brooch, while Bulgari saw strong demand for its Serpenti line and standout results from the Polychroma high-jewelry collection, the company reported.
Kering Group reported double-digit jewelry sales growth in the third quarter, driven by strong performances from Boucheron in the US and Asia-Pacific, Pomellato’s well-received high jewelry line, and Qeelin’s continued momentum in Asia. Overall, revenue from the group’s “Other Houses” division, which includes jewelry, fell 5% year on year to EUR 652 million.
Chow Tai Fook reported a 4.1% year-on-year rise in retail sales for the second fiscal quarter ending September 30. Same-store sales of gem-set, platinum, and K-gold jewelry grew 7.6% in mainland China and 5.2% in Hong Kong and Macau, while gold jewelry and product sales rose just over 10% across both markets.
Luk Fook’s retail sales rose 18% year on year in the quarter ended September 30. Same-store sales at self-operated shops grew 10%, driven by a 67% surge in fixed-price gold jewelry and a 25% rise in fixed-price pieces overall, though diamond sales within that category fell 10%, the retail jeweler said. Revenue increased 20% in mainland China and 13% across Hong Kong, Macau, and overseas markets.
Titan Company reported a 19% year-on-year rise in domestic jewelry sales for the quarter ending September 30, driven by higher gold prices and early festive demand. Studded jewelry across its Tanishq, Mia, and Zoya brands outperformed plain gold with mid-teen growth. Internationally, Tanishq more than doubled sales in the US and recorded strong double-digit gains in the Gulf region.
Michael Hill reported a 1.3% decline in group sales for the first 16 weeks of fiscal 2026, beginning July 1, reflecting a 4.4% drop in store count to 284. Same-store sales were unchanged year on year, with growth of 0.7% in Australia and 4.1% in Canada offset by a 6.2% decline in New Zealand.
Retail Deals
Titan Company has established Signature Jewellery Holding Limited in the UAE as a subsidiary that will serve as the holding company for Titan’s recently acquired 67% stake in Damas Jewellery. The move strengthens Titan’s expansion in the Gulf jewelry market, with the acquisition expected to close by January 2026.
Tiffany & Co. has partnered with Netflix to feature its historic jewels in Guillermo del Toro’s Frankenstein, premiering globally on November 7. To celebrate, its Fifth Avenue Landmark windows now showcase immersive film-inspired scenes with archival pieces worn by Mia Goth. The collaboration continues in London with the exhibition Frankenstein: Crafting A Tale Eternal at The Old Selfridges Hotel through November 9.
Trade Matters
Okavango Diamond Company (ODC) deliberately withheld some goods from its September tender to protect long-term market stability, countering reports that the sale was unplanned or unsuccessful. Managing Director Mmetla Masire said the decision reflects ODC’s commitment to preserving the value of Botswana’s natural resources rather than chasing short-term sales. He emphasized that responsible leadership sometimes means “knowing when not to sell.”
India’s polished diamond exports rose 6% year on year to $1.37 billion in September and 5% to $3.41 billion for the third quarter, according to GJEPC data. Rough imports climbed 13% to $1.72 billion in September and 6% to $4.37 billion for the quarter.
Belgium’s polished diamond exports fell 15% year on year to $795 million in September, while polished imports slipped 3% to $828 million, according to the Antwerp World Diamond Centre (AWDC). Rough trading also cooled, with exports down 16% to $336 million and imports dropping 12% to $238 million for the month.
Hong Kong’s sales of jewelry, watches, clocks, and valuable gifts jumped 16% year on year in September, driving a 3.8% overall rise in retail sales — the fourth straight month of growth. The government credited steady local sentiment and continued gains in tourist arrivals for supporting the recovery in retail spending.
Swiss watch exports fell 3.1% year on year to CHF 1.99 billion ($2.5 billion) in September, as shipments to the US plunged 56% following the imposition of a 39% tariff. The Federation of the Swiss Watch Industry said exports would have risen 7.8% without the US downturn.
The Auction Block
Sotheby’s unveiled The Glowing Rose, a cushion-cut, 10.08-carat, fancy vivid pink, VVS2-clarity diamond, that will lead its High Jewelry Sale in Geneva on November 12. Expected to fetch around $20 million, the diamond is one of only three vivid pink diamonds over 10 carats to come to auction in the past decade, Sotheby’s said. Mined in Angola in 2023 and set by British jeweler Boodles, the diamond will be exhibited in Singapore, Taipei, and Geneva ahead of the sale.
Sotheby’s Paris Fine Jewelry sale totaled EUR 7.4 million ($8.7 million), led by a 10.68-carat sapphire and diamond ring that fetched EUR 698,500 — more than double its pre-sale estimate, the auction house reported.
A Bulgari “Trombino” ring featuring a cut-cornered rectangular step-cut, 3.18-carat, fancy intense pink, VS2-clarity diamond sold for EUR 1.9 million ($2.3 million) at Italian auction house Aste Bolaffi, nearly four times its presale estimate. The centerpiece is surrounded by 64 colorless round brilliant and baguette diamonds, Aste Bolaffi said.
Bonhams Paris Jewels sale totaled EUR 1.8 million ($2.1 million), with 88% of lots sold, the auction house said. The highlight was a Van Cleef & Arpels diamond “Rubans” clip brooch from 1937, which fetched EUR 178,200 ($207,174) — more than eleven times its estimate.
Production Performance
De Beers’ rough diamond sales more than tripled year on year to $700 million in the third quarter, Anglo American reported. Growth was driven by higher sales volumes — boosted by an additional sight — and a 20% rise in the average price, though the company’s rough price index declined 12%. Anglo noted that the improvement was partly offset by new US tariffs on diamond imports from India.
Petra Diamonds reported a 52% wider net loss of $150 million for the fiscal year ending June 30, 2025, as revenue fell 33% to $207 million. Operating costs slipped just 4% to $389 million. The company cited challenging market conditions and a weaker product mix as key factors behind the decline.
Petra saw first-quarter rough sales of $52 million for the period ending September 30, more than double the level a year earlier. Higher sales volumes from last year’s record lows offset a 59% drop in the average price to $111 per carat, with like-for-like prices down 8% from the previous quarter. Production declined 10% to 609,336 carats across its Cullinan and Finsch mines in South Africa.
Production at Rio Tinto’s Diavik mine in Canada surged 110% year on year to 1.14 million carats in the third quarter, reflecting last year’s temporary closure. Output for the first nine months rose 67% to 3.32 million carats, the company said.
Miner Developments
Burgundy Diamond Mines said a $24.9 million short-term loan from Choron Group — linked to a major shareholder and company director — was made in breach of Australian Stock Exchange rules requiring shareholder approval for related-party deals. The financing, secured and repaid through rough diamond sales to Choron, should have received approval beforehand. Burgundy has suspended those sales and will seek both shareholder sign-off and an independent review while other operations continue as normal.
Petra Diamonds announced a plan to raise about $25 million through a share offer to existing investors as part of a major debt refinancing. The move will help the company extend repayment deadlines on its loans and bonds by several years and strengthen its financial position. Petra warned that if shareholders don’t approve the plan at a November 6 vote, it may not have enough cash to keep operating.
Burgundy Diamond Mines has asked to extend its trading suspension until November 6, 2025, while it works to secure new funding needed to keep the company running. Talks with potential investors are ongoing and that trading could interfere with those discussions, the miner said
Storm Mountain Diamonds, operator of the Kao mine in Lesotho, has warned it may be forced to halt operations amid a steep decline in global diamond prices. The company is seeking urgent government support, including tax relief and a reduction in royalties, to help sustain production and protect jobs. It said Lesotho’s tax authority’s disregard for its mining agreement is deterring investment at a time when the business is struggling to remain viable.
Alrosa is studying the potential to recover by-product gold alongside diamond mining at its Mirny-Nyurba plant in Yakutia. The company received regulatory approval to begin exploration assessing gold recovery from diamond-bearing sands at Processing Plant No. 3. Chief Geologist Roman Zhelonkin said the initiative could be integrated into regular operations if proven economically viable.
Mergers & Acquisitions
The Diamond Club West Coast (DCWC) announced it will integrate the Jewelers 24 Karat Club of Southern California to strengthen resources, collaboration, and opportunities for jewelry professionals. The merger brings 24K Club members access to DCWC’s global WFDB network, services, and educational programs while preserving the 24K Club’s legacy of ethics and leadership.
Pemberton Asset Management has taken control of UK auction house Bonhams from private equity firm Epiris, Bloomberg reported. The transaction, believed to involve a debt-to-equity swap, gives the London-based lender ownership of one of the world’s oldest auction houses. Bonhams, which expanded globally under Epiris’s ownership, said it will continue operations under existing management while Pemberton supports its next phase of growth.
Research Purposes
The Gemological Institute of America’s (GIA) laboratory in Botswana has analyzed a rare 37.41-carat pink-and-colorless bicolor rough diamond recovered from the Karowe mine. Researchers believe the diamond’s distinct sections suggest it formed in two stages, with the pink portion originally colorless before undergoing deformation caused by geological stress. GIA’s Sally Eaton-Magaña said the pink hue likely developed millions of years ago during a mountain-forming event.
Movers & Shakers
De Beers Group announced that chief trade and industry officer Feriel Zerouki would leave the company at the end of October after 20 years. Zerouki played a key role in advancing ethical sourcing and traceability through initiatives like Tracr and GemFair and will continue as president of the World Diamond Council until May 2026. CEO Al Cook praised her leadership in setting industry standards for integrity and transparency.
Christie’s has appointed Max Fawcett as global head of jewelry and promoted Claibourne Poindexter to head of jewelry, Americas, effective January 1. Fawcett, based in Geneva, has led record-breaking sales across major auction centers, while Poindexter has been key to expanding Christie’s jewelry business in the US. The appointments come as Christie’s strengthens its leadership in global jewelry auctions, following a 25% rise in category sales in the first half of 2025, the auction house said.
Pandora CEO Alexander Lacik will retire at the company’s annual general meeting in March 2026 after nearly seven years at the helm. He will be succeeded by chief marketing officer Berta de Pablos-Barbier, a former LVMH executive, who joined Pandora in 2024 and has driven its repositioning as a full jewelry brand.
GIA India has appointed Amit Pratihari as managing director, overseeing its laboratories in Mumbai and Surat and the GIA school in Mumbai. He assumed the role on October 1. Pratihari, formerly managing director of De Beers and Forevermark India, brings over two decades of experience in retail and brand management.
HRD Antwerp has appointed Paul De Wachter as its next CEO, effective January 2026. A veteran of the international diamond banking sector, De Wachter will succeed Ellen Joncheere, whose five-year tenure concludes at the end of 2025. Chief Operating Officer Stanley De Belie will serve as interim CEO during the transition.
Frederick Goldman has appointed Alisa Bunger as vice president of sales for its independent jeweler’s channel. Bunger brings over 30 years of jewelry and luxury industry experience, most recently serving as VP of US sales and operations at Chic Pistachio, parent company of Ania Haie and Aurelie Gi. She will lead sales growth and strategy for the independent retail segment.
Pristine Gems has named Lauren Gayda as director of European sales. Gayda brings experience in diamond and gemstone sourcing, sales strategy, and brand development, having previously held leadership roles at The Clear Cut, Taylor & Hart, and Effy Jewelry.
Namibia’s state-owned rough seller Namib Desert Diamonds (NAMDIA) has dismissed CEO Alisa Amupolo after a disciplinary hearing found her guilty of gross negligence and insubordination over operational decisions that caused losses between April 2023 and July 2024. Lelly Usiku, NAMDIA’s executive for market development, sales, and branding, is serving as interim CEO.
